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A Bi-Weekly Newsletter from ITA Administration | |
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Office of the Chief Financial Officer |
Wednesday, April 12, 2006 |
Purchase Card Training - REMINDER
ITA GuidanceThe ITA Policies, Guidance and Procedures website is a tool for ITA employees to use in their daily work. It provides valuable administrative, policy and procedural guidance in such areas as the preparation of correspondence, records management, and many other subjects. The website is useful to employees seeking information about such topics as transit benefits, travel and training. You may access this website at http://www.ita.doc.gov/ooms/Guidance.htm. If you have questions or need additional information, please contact Charles Jefferson via email at charles.jefferson@mail.doc.gov, or call (202)482-6078.
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Taxable Employer-Provided Parking Employees who receive employer-provided parking spaces at the Herbert C. Hoover Building (HCHB), are in receipt of a non-cash fringe benefit, which must be reported on time and attendance (T&A) reports during each tax year. Because the fair market value of this fringe benefit is taxable, it must be included in an employee's gross pay and reported to the Internal Revenue Service. Reporting the benefit ensures that the employee's Form W-2, Wage and Tax Statement, accurately reflects the taxable fringe benefit. There has been a change in reporting the value of employer-provided parking. In accordance with Internal Revenue Bulletin 2005-47, the excludable amount of employer-provided parking increased from $200.00 to $205.00 per month. This change is effective with tax year 2006. The cost for employees parking in the HCHB courtyard or apron is $206.87 per month, less the $205.00 excludable amount or $1.87 per month ($22.44 per year). The cost for employees parking in the HCHB garage is $233.41 per month, less the $205.00 excludable amount or $28.41 per month ($340.92 per year). The benefits may be recorded biweekly, monthly, quarterly, semiannually, or annually and must be reported by the end of the tax year (pay period 24/06). Employees are reminded by this notification that they are responsible for providing timekeepers with this information as soon as the parking space is provided. Employees and timekeepers, who have any questions about this requirement, should contact either Lorese Green at (202)482-5232 or via email at Lorese_Green@ita.doc.gov or Carmen Montgomery at (202)482-3620 or via email at Carmen_Montgomery@ita.doc.gov. Question: What is a traveler’s liability for unauthorized or personal use of a rental automobile using government funds? Answer: A traveler is responsible for any additional cost resulting from the personal use of a commercial rental automobile for other than official travel-related purposes. If you have questions, please call your travel contact or Sharon Russell at (202)482-3267. Where Do I Find....FY06 Budget Process For those that like to follow the progress of the proposed ITA budget you may go to the Library of Congress site to track it. The link below is to the fiscal year 2006 budget progress on the Library of Congress site. Fiscal year 2007 progress has not been posted yet. http://thomas.loc.gov/home/approp/app06.html. If you have any questions about the recent hearing or the budget process please call Jim Donahue at (202)482-0210.
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Approved by the Office of ITA Acting DOA
Send your suggestions or comments about this newsletter to Nina.Harris@mail.doc.gov